Entries tagged with “ProPay”.
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Jan 26 2015
Accepting transactions is a major part of any business, regardless of whether these transactions generally take place in person, on the phone, or online. In order for your business to succeed, you need to make it easy for customers to make payments, which you can do by following small Business financial success tips.
While getting transactions to go through properly is an important part of the process, there are other details of payment processing that cannot be forgotten because of their importance.
Pay Fair and Known Fees
It is essential to find a payment processor that does not try to charge hidden fees or surprise you with transaction percentages that are higher than you originally planned for. In this situation, you need to make sure that any information regarding fees can be found online and is true, which can be accomplished by verifying online data either through a live chat online, on the phone, or in person.
Have Plenty of Payment Options
In order to reach the widest number of customers, you should look into payment processors that give you numerous options to receive payments from. For instance, payment processors that allow payments to be made through card readers and smart phones are important and expected, but the addition of payments through stored cards, shopping carts, and mobile applications really maximizes the potential.
No Toll Customer Service
Handling all of these payment methods and receiving a lot of transactions means that running into a problem here and there is almost inevitable. In this situation, you deserve toll-free and high quality customer service that is able to provide a quick and efficient solution to any issue you experience.
Business success comes from many pieces falling into the right places. Following the suggestions above will help your business succeed. Contact us to learn more about the payment processing we offer.
Jan 23 2015
Running a small business requires a whole lot of patience and an even larger amount of decision making
skills. As part of the decision making process, managers and business owners have to decide on details
such as, what payment processor to go with. Approach your decision making process with a clear mind.
With these 5 tools, you will be sure to make the right decision for your small business.
1. Compare Fees and Associated Rates
Fees and associated rates are just two things that most credit card processing companies try to
manipulate customers with. Although some companies might provide seemingly low rates, look
for associated hidden fees—that’s usually how they mislead customers. Compare fees for both
swipe and keyed rates because they will be different.
2. Evaluate Point-of-Sale Solutions
Point of sale solutions, or POS is when a customer makes a merchant payment in exchange for
goods or services. During the POS, the merchant calculates the amount owed and provides a
payment solution. When evaluating POS, look at what equipment and software are available to
either rent or lease. Compare and contrast the benefits that equipment and software companies
are offering. Evaluate what your business needs and compare it to what companies are offering.
3. Not all Payment Processors are Equal
When you start to evaluate which payment processing company is good for you, remember that
not all payment processors are created equal. Meaning that although some companies rates
might appear to be lower than their competition, their hidden fees might actually result in their
fees being equal to their competitors.
4. Evaluate Security & Fraud Assistance
Are fraud detection and protection services included in the pricing? Or are they being offered at
an additional charge? As two of the components that can ultimately save your business tons of
money, security and fraud assistance are a must-have. Make sure your credit card processing
company can provide you with these services at a price you can afford.
5. Assess Monthly Minimums and Caps
Did you know that it typically takes between 24 and 72 hours for funds from a sales transaction
to be deposited in your account? Make sure your credit card processing company can guarantee
the transferal of funds within at least the 72 hours.
For more on learning how to select the ideal payment processor a team member at ProPay is here to help, contact us
Jan 22 2015
A major internet service organization recently found itself the victim of a cyber security breach regarding financial data.
The company fell prey to hackers by a spear-phishing attack. Spear phishing is the attempt to get corporate information by sending an e-mail message that appears legitimate. The fraudulent message sometimes asks the recipient to click on a link to verify information. Instead, that link can download spyware, Trojan horses, or malware. That’s what was believed to have happened in the breach; employees clicked on links in an e-mail that apparently led to the installation of malware.
Besides giving the hackers access to e-mail, the scam also compromised content management systems, internal communication systems, and the company’s data system for managing domains. Security enhancements implemented months ago, by the firm, likely limited the unauthorized access sought by the hackers.
While this company will no doubt be more vigilant guarding against future spear phishing scams, there’s a lesson here that businesses of any size and type can impart to their own employees: Don’t click on links in e-mails that looks suspicious, particularly if the message is asking for information. To learn more, contact us here at ProPay.
Jan 21 2015
The year 2015 is already becoming known for cyber security breaches regarding financial data with at least two major breaches happening in quick succession in the new year. Here’s some information about the breaches including how they could’ve been potentially avoided.
A Bitcoin company was recently reported as compromised on January 4th. The breach was actually bad enough that the company had to stop all business immediately, which no doubt made them lose out on many potential customers.
It’s looking like the problem occurred largely because of an inside job where an employee was stealing funds from customers. One way this could’ve been potentially prevented is if all customer data was stored elsewhere by only taking funds through a payment processing service.
That way, not even employees on the inside have access to customer data, so nothing can be stolen.
A well-known investment bank recently reported that one of their employees potentially stole records of 350,000 bank clients. The employee apparently even posted 900 of these online, though it is still unclear if the employee’s breach was responsible for that part or not. The theft apparently involved something known as “Speedcoins” which is a currency similar to Bitcoin.
The breach underlines the importance of isolating important information away from where employees can access it, preferably through the use of a third-party. If employees have limited access to customer information, then the risk of customer data theft is greatly diminished.
For more information about keeping financial data safe from outsiders and insiders alike, please contact us here at ProPay.
Jan 20 2015
Finding the right payment processor for your small business is all about looking for features that match up well with what your business does. Here are some examples of features you should look for depending on your business.
Mobile Card Readers for Local Businesses
One useful feature you can get from a payment processing company is a mobile card reader. This is a device that sits right on top of your phone which can process credit cards securely in-person.
Many of the better ones give you a free app to go with it, and let you plug them right into a convenient area like the audio port. This feature is ideal for local businesses that do a lot of commerce in person and not at a stationary POS system within a store. A mobile card reader will be useful for brick and mortar stores that don’t want to pay extra for the more extensive credit card devices, and also for small businesses that carry product from within their own home and want to be able to process credit cards for local customers.
Multiple Payment Storage Options for Online Businesses
One excellent way to encourage repeat customers for your online business is to make it really easy for them to store payment options. Trivial inconvenience is the great killer of e-Commerce. If customers can store different credit cards and payment options with your site using a payment processing service that allows for this, then they can come back and make additional purchases with much less hassle.
Having to enter payment information over and over again is going to deter repeat business. That’s why the multiple storage feature can be useful for encouraging growth in small businesses that focus on internet transactions.
Regardless of how your small business operates, it can benefit from the right payment processing features. For more information about these features and others, please contact us at ProPay today.